S&P lifts Waste Services view to positive

Standard & Poor's said it revised its outlook on Waste Services Inc. to positive from negative.

At the same time, the agency said it affirmed its existing ratings on the company, including the B- corporate credit rating, B- $160 million senior secured credit facility and CCC $160 million senior subordinated notes.

S&P noted the outlook revision reflects management's success in addressing and resolving several operating challenges.

The ratings reflect the company's highly leveraged financial risk profile, including substantial debt usage and its vulnerable business risk profile due to its acquisitive growth strategy and modest scale of operations relative to its peers, the agency said, noting these factors are only partially offset by favorable industry characteristics, including high barriers to entry and recession resiliency, some geographic diversity and the ownership of several permitted, well-positioned long-lived landfills.

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